Why do banks look to sell repossessed property so quickly?
why dont they let it sit and rebuild its former value or increase?
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why dont they let it sit and rebuild its former value or increase?
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In fairness banks do not want a raft of properties on their books. Consider they have a wide range of capital secured against a market they are effectively forcing down in price and that will have a massive impact. By and large banks will repossess only when they need to but homeowners need to do themselves a favour and talk to their banks as quickly as they possibly can. If you are talking you are doing yourself a favour, if you are not, the bank does not know what it is dealing with in terms of risk so keep talking
Peter McGahan
http://www.wwfp.net/mortgage/mortgage-broker.html
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk.